On this page of StockholderLetter.com we present the latest annual shareholder letter from Sally Beauty Holdings, Inc. — ticker symbol SBH. Reading current and past SBH letters to shareholders can bring important insights into the investment thesis.
01223  561783  9 2  0
\]^_  a]bcd  ef^_]fcbg]_h
01  34  567898574        17 574 89  86878578 41  9 6786 4   7   57  4  
56    586  7 59786  51  34     4114   7       7 4   45   17 46 7 4686   
    15 41  4    5694  86  7 4  149 6    5       7 4   45   56         7  
4    5694  86  7 4   65     5 74      7 4   45      81  351  5  74175 467  
7      745 1  3     5 4   446  65 8 5786   5   65 89  46 8 6 467  
387   5 8 87   3 8 4   45686       5  56986        17 574 89   8 5 1   
0 87865     34   464 574   17 6   951     3        4 57861      
7 4         45   3 89   34   4   4   7  9    474  56 7 4    4   
59  818786       45 7     174 1        86 417  86       17 574 89  
86878578 41     7 4    4  94        4 7   4 4 1  56    47  6   5  4  7  
1 5 4   4 1  7           1 5 4   4   9 514     5  
!"#$%  '($)  *+*,  -!./%!./0"
1  86    195   2324       597861  5  6    4    5694   5  4786   
   97  866  5786   8 875    5  47 5941  45 56 4    817 8  786  
56   643  14  8941     4   4 5786   56    656985   8    4 467  
59 11    7     186411  14  4671   6    9 61 8574   647  15 41  34 4  
78 9   8 86      5   4:9   4 94  15 41  869 4514   7  78;4   8 86  56   
 4  414674   <3=      775   647  15 41   0 87865     34   58675864   
 45 7      11   5  861      ><=  56    4 8 4 4    00?   4 5786   
45 686 1     72@8   8 86  56    00?  8  74   647  45 686 1  4   1 5 4  
   7< 48     81  4    5694  465  4    1  7   464 574  17 6   951     3  
      4 57861     7249   8 86   
A  3567  7   8   8  7  5   43          4 57865   1 9941141       2324B
C    E4    8 7  643  56    51786    4 57861 81  387   9 17 4 1  7       
4F4978 4  46 5 4 467  4  95786  56    5  4786   86878578 41   A6  
 195    45   2324   5     G     56   H565 5   464 574   9@=     871  15 41  
         <;   8 86   6 36  9 17 4 1 
C    E4   4 8 4 4       97  866  5786  86    7   14  4671  59 11  
7 8    5 7   56   364     56 1    8 86     37   56   9 17 4   
46 5 4 467   
C    E4  1 99411      45 56 4         5  47 594  86878578 4  7 57  81  
  4 86   8 875   15 41    37   56   577 59786   643  9 17 4 1  7  7 4  
 5       56   7           5 764 1 81  387    8  : 818 8 87    57   1  
869   86   0 5I 6  1  151   A617595 7  56   E5  5 7   
C    06    517    86  7 4     7     5 74    45 7     174 1        9    474   
7 4  17 574 89  59  818786     J59  18 4   45 7       841     K  85  
3 89   5  31   1  7  45 56       817 8  786   8  71       4     56 1  
 8 4  L  9956 8   6 5  45  M 1   56   N4    7  5            45 7   
  174 1        17 41  7       7  K  85 
OPPQ!R.  S/($T  0P  !"#$%  '($)  *+*U
56   7 4   4 4      1 99411  34   5   86   195   2324  56          35   
7  5994 4 5786     37   86  232>  56    4  6    E4  5 4  9   467    
5 764 4   387   0 5I 6  1  151   A617595 7  56   E5  5 7     81  
17 574    81    86 86   643  9 17 4 1  7   5     3 8 4  7 4  5 8 87   7   78 8I4  
86:17 4        467  81   8 86      4    75  4  15 41    37    W517    34  
5 4  459874   5   7  45 56 86       8 7  387   X5     45 7   H    387   
    6457  7 569 4     746  8 7  17 41   4686   86        17    5 74   51  34   
51       5      45 7     56   M4  41   3 89   81  418 64   7     4   1       
5  7  174    45 7   1   84   7  5     4   65 89   45 7    34    14 
6    149 6   86878578 4  81    386   6    X8    L5  86  6364     56 1  
56   0   8  86   A66  5786   ?   97  866  5786   51    46  7   4  5  
18 68 9567   8 4        37   56     841  5  18 68 9567  9   47878 4  
5  5675 4  7    7    5     56    45 7     174 1         A6   195   2324  
34  4 8 4 4   5  9 61817467  84 864     866  5786  59 11      364   
56   7 8 :5 7     56 1  56   34   5 4   561  7     7 4   5994 4 574  7 81  
86  232>   07   45 7     174 1        34  5 4  869 45186        414694  
387    5Y     56 1   8 4  0 8 5  3 89    49467    45 56 4   7  5           
   :14  894  8 497  15 41  9 61  75671  86  697 4   5 74    486           4   
 7  7  5     45 7     174 1        17 41   0 87865     34  45 56 4   
    817 8  786  74  87 841  387     7   L  9956 8   56   H     E 3   
07   5      45 7   34   5 4  866  5786  9  86   59 11  9       6 86   
658 1  56   5  856941  869   86   56  45 56 4    5 764 1 8  387   
 5 94   45 7   9  86   86      149 6     5 74   56   5  643  A6  @:86:<  
08 17  4   7 57   5 69 4   86  Z  4  4  
6    7 8   86878578 4  A69 45186   7 4  J  898469       6 4 57861  56   
6 78 8I86   6    H5 5 8 87841  81   514     6    8 86   869 4514   
4F898469   7           K 4         37   ?   5    3 89   81   4 86   
 1  8    4        75 8 87        7 4  46       195   232>  34  45 497  
7  95 7  4  9    578 4    11   5  86  56     [0   464 71      
5  58 574    793   8 86    8 86    6  72@   8 86       464 7  86  
 195   2324     81   187861   1  7   464 574      7  7<23   8 86      
9    578 4    6   574   464 71      7 4  46       195   232;   E87   5  
17 46 7 464     6 5786  86   594  7 4    186411  81  6  7 4  57   7  
     6 :74     3      4:8 87   4 5786    5  86  75  47 
A6  1   5    34  5 4    4514   7   4  4674 86    195   232>       5  
18786     17 46 7    E4   5 4  9 6  4694  7 57      86  17     45 4 1 8  
18786  75 4674   745 1  56   17 6   951     3  38   9 6786 4  7  
  84   1  387   7 4    458 8 87   7  4 64        7  4  56    47  6   5  4  
7  1 5 4   4 1   4   7 4   6 :74     E4  5 4    574         7 4   5   
3            511985741  7       7  7 4    568I5786  3      86   56  
467  1851789  9 17 4 :9467 89   86 147  7  3     4 4    5    06   34  
5  498574  7 4  1   7         1 5 4   4 1  56          35   7  
  5786        6      9 6786 4      411  86   195   232> 
E4  5  498574        6  86   1   7 
E4  5 4  95   86   7 81   4 5786   56    656985   17 46 7   867   195   
232>   4 58686    9 14   6   8 86   9 61817467    75  4    37   
56   4 8 4 86    5  4  7  1 5 4   4 1   6    745 1  5 4  9 6786 86   7  
5  5694      17 574 89  86878578 41   4 574   7  46 56986       9 17 4   
9467 8987     386        8     5  86  36    56 1  56   5   8  86     417  M4 5 1
866  5786  56   869 45186   7 4  4F898469           4 57861 
J6 56986   6    H 17 4   H467 8987     5   V1  W894614   H   817   6  
14 56   86878578 4  9 6786 41  7   586     467    3 89     841      
9 17 4 1  387    8  :7 9   14  894  56     411865   9 61  75786   
E4  5 4    4514   387     3  7 81  F4 86   81  195 86   56   577 59786   
643  9 17 4 1  7   5     387   4>=     7 4  9 17 4 1   486   643  7  7 4   ijklmj  opqrsklm
  56    0 87865     34  5 4   4514   387       L5  47 594  86878578 4   ? 418467  56   H 84   J549 78 4  6F894
 • shareholder letter icon 12/11/2024 Letter Continued (Full PDF)
 • stockholder letter icon 12/13/2023 SBH Stockholder Letter
 • stockholder letter icon More "Specialty Retail" Category Stockholder Letters
 • Benford's Law Stocks icon SBH Benford's Law Stock Score = 73


SBH Shareholder/Stockholder Letter Transcript:

01223  561783  9 2  0      



\]^_  a]bcd  ef^_]fcbg]_h
01  34  567898574        17 574 89  86878578 41  9 6786 4   7   57  4  
56    586  7 59786  51  34     4114   7       7 4   45   17 46 7 4686   
    15 41  4    5694  86  7 4  149 6    5       7 4   45   56         7  
4    5694  86  7 4   65     5 74      7 4   45      81  351  5  74175 467  
7      745 1  3     5 4   446  65 8 5786   5   65 89  46 8 6 467  
387   5 8 87   3 8 4   45686       5  56986        17 574 89   8 5 1   
0 87865     34   464 574   17 6   951     3        4 57861      
7 4         45   3 89   34   4   4   7  9    474  56 7 4    4   
59  818786       45 7     174 1        86 417  86       17 574 89  
86878578 41     7 4    4  94        4 7   4 4 1  56    47  6   5  4  7  
1 5 4   4 1  7           1 5 4   4   9 514     5  
!"#$%  '($)  *+*,  -!./%!./0"
1  86    195   2324       597861  5  6    4    5694   5  4786   
   97  866  5786   8 875    5  47 5941  45 56 4    817 8  786  
56   643  14  8941     4   4 5786   56    656985   8    4 467  
59 11    7     186411  14  4671   6    9 61 8574   647  15 41  34 4  
78 9   8 86      5   4:9   4 94  15 41  869 4514   7  78;4   8 86  56   
 4  414674   <3=      775   647  15 41   0 87865     34   58675864   
 45 7      11   5  861      ><=  56    4 8 4 4    00?   4 5786   
45 686 1     72@8   8 86  56    00?  8  74   647  45 686 1  4   1 5 4  
   7< 48     81  4    5694  465  4    1  7   464 574  17 6   951     3  
      4 57861     7249   8 86   
A  3567  7   8   8  7  5   43          4 57865   1 9941141       2324B
C    E4    8 7  643  56    51786    4 57861 81  387   9 17 4 1  7       
4F4978 4  46 5 4 467  4  95786  56    5  4786   86878578 41   A6  
 195    45   2324   5     G     56   H565 5   464 574   9@=     871  15 41  
         <;   8 86   6 36  9 17 4 1 
C    E4   4 8 4 4       97  866  5786  86    7   14  4671  59 11  
7 8    5 7   56   364     56 1    8 86     37   56   9 17 4   
46 5 4 467   
C    E4  1 99411      45 56 4         5  47 594  86878578 4  7 57  81  
  4 86   8 875   15 41    37   56   577 59786   643  9 17 4 1  7  7 4  
 5       56   7           5 764 1 81  387    8  : 818 8 87    57   1  
869   86   0 5I 6  1  151   A617595 7  56   E5  5 7   
C    06    517    86  7 4     7     5 74    45 7     174 1        9    474   
7 4  17 574 89  59  818786     J59  18 4   45 7       841     K  85  
3 89   5  31   1  7  45 56       817 8  786   8  71       4     56 1  
 8 4  L  9956 8   6 5  45  M 1   56   N4    7  5            45 7   
  174 1        17 41  7       7  K  85 
OPPQ!R.  S/($T  0P  !"#$%  '($)  *+*U
56   7 4   4 4      1 99411  34   5   86   195   2324  56          35   
7  5994 4 5786     37   86  232>  56    4  6    E4  5 4  9   467    
5 764 4   387   0 5I 6  1  151   A617595 7  56   E5  5 7     81  
17 574    81    86 86   643  9 17 4 1  7   5     3 8 4  7 4  5 8 87   7   78 8I4  
86:17 4        467  81   8 86      4    75  4  15 41    37    W517    34  
5 4  459874   5   7  45 56 86       8 7  387   X5     45 7   H    387   
    6457  7 569 4     746  8 7  17 41   4686   86        17    5 74   51  34   
51       5      45 7     56   M4  41   3 89   81  418 64   7     4   1       
5  7  174    45 7   1   84   7  5     4   65 89   45 7    34    14 
6    149 6   86878578 4  81    386   6    X8    L5  86  6364     56 1  
56   0   8  86   A66  5786   ?   97  866  5786   51    46  7   4  5  
18 68 9567   8 4        37   56     841  5  18 68 9567  9   47878 4  
5  5675 4  7    7    5     56    45 7     174 1         A6   195   2324  
34  4 8 4 4   5  9 61817467  84 864     866  5786  59 11      364   
56   7 8 :5 7     56 1  56   34   5 4   561  7     7 4   5994 4 574  7 81  
86  232>   07   45 7     174 1        34  5 4  869 45186        414694  
387    5Y     56 1   8 4  0 8 5  3 89    49467    45 56 4   7  5           
   :14  894  8 497  15 41  9 61  75671  86  697 4   5 74    486           4   
 7  7  5     45 7     174 1        17 41   0 87865     34  45 56 4   
    817 8  786  74  87 841  387     7   L  9956 8   56   H     E 3   
07   5      45 7   34   5 4  866  5786  9  86   59 11  9       6 86   
658 1  56   5  856941  869   86   56  45 56 4    5 764 1 8  387   
 5 94   45 7   9  86   86      149 6     5 74   56   5  643  A6  @:86:<  
08 17  4   7 57   5 69 4   86  Z  4  4  
6    7 8   86878578 4  A69 45186   7 4  J  898469       6 4 57861  56   
6 78 8I86   6    H5 5 8 87841  81   514     6    8 86   869 4514   
4F898469   7           K 4         37   ?   5    3 89   81   4 86   
 1  8    4        75 8 87        7 4  46       195   232>  34  45 497  
7  95 7  4  9    578 4    11   5  86  56     [0   464 71      
5  58 574    793   8 86    8 86    6  72@   8 86       464 7  86  
 195   2324     81   187861   1  7   464 574      7  7<23   8 86      
9    578 4    6   574   464 71      7 4  46       195   232;   E87   5  
17 46 7 464     6 5786  86   594  7 4    186411  81  6  7 4  57   7  
     6 :74     3      4:8 87   4 5786    5  86  75  47 
A6  1   5    34  5 4    4514   7   4  4674 86    195   232>       5  
18786     17 46 7    E4   5 4  9 6  4694  7 57      86  17     45 4 1 8  
18786  75 4674   745 1  56   17 6   951     3  38   9 6786 4  7  
  84   1  387   7 4    458 8 87   7  4 64        7  4  56    47  6   5  4  
7  1 5 4   4 1   4   7 4   6 :74     E4  5 4    574         7 4   5   
3            511985741  7       7  7 4    568I5786  3      86   56  
467  1851789  9 17 4 :9467 89   86 147  7  3     4 4    5    06   34  
5  498574  7 4  1   7         1 5 4   4 1  56          35   7  
  5786        6      9 6786 4      411  86   195   232> 
E4  5  498574        6  86   1   7 
E4  5 4  95   86   7 81   4 5786   56    656985   17 46 7   867   195   
232>   4 58686    9 14   6   8 86   9 61817467    75  4    37   
56   4 8 4 86    5  4  7  1 5 4   4 1   6    745 1  5 4  9 6786 86   7  
5  5694      17 574 89  86878578 41   4 574   7  46 56986       9 17 4   
9467 8987     386        8     5  86  36    56 1  56   5   8  86     417  M4 5 1
866  5786  56   869 45186   7 4  4F898469           4 57861 
J6 56986   6    H 17 4   H467 8987     5   V1  W894614   H   817   6  
14 56   86878578 4  9 6786 41  7   586     467    3 89     841      
9 17 4 1  387    8  :7 9   14  894  56     411865   9 61  75786   
E4  5 4    4514   387     3  7 81  F4 86   81  195 86   56   577 59786   
643  9 17 4 1  7   5     387   4>=     7 4  9 17 4 1   486   643  7  7 4   ijklmj  opqrsklm
  56    0 87865     34  5 4   4514   387       L5  47 594  86878578 4   ? 418467  56   H 84   J549 78 4  6F894 



shareholder letter icon 12/11/2024 Letter Continued (Full PDF)
 

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